XML 35 R24.htm IDEA: XBRL DOCUMENT v3.20.2
Segment Information
 6 Months Ended
Jun. 29, 2020
Segment Reporting [Abstract]  
Segment Information

(17) Segment Information

The reportable segments shown below are the Company’s segments for which separate financial information is available and upon which operating results are evaluated by the chief operating decision maker to assess performance and to allocate resources. The Company has two reportable segments: PCB and E-M Solutions. The PCB reportable segment is comprised of multiple operating segments. Factors considered to determine whether operating segments can be aggregated into reportable segments included similarity regarding economic characteristics, products, production processes, type or classes of customers, distribution methods, and regulatory environments.

The Company, including the chief operating decision maker, evaluates segment performance based on reportable segment income, which is operating income before amortization of intangibles. Interest expense and interest income are not presented by segment since they are not included in the measure of segment profitability reviewed by the chief operating decision maker. All inter-segment transactions have been eliminated.

 

 

 

Quarter Ended

 

 

Two Quarters Ended

 

 

 

June 29, 2020

 

 

July 1, 2019

 

 

June 29, 2020

 

 

July 1, 2019

 

 

 

(In thousands)

 

Net Sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PCB

 

$

520,067

 

 

$

466,960

 

 

$

987,497

 

 

$

952,027

 

E-M Solutions

 

 

50,231

 

 

 

59,917

 

 

 

80,447

 

 

 

111,295

 

Total net sales

 

$

570,298

 

 

$

526,877

 

 

$

1,067,944

 

 

$

1,063,322

 

Operating Segment Income (Loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PCB

 

$

80,056

 

 

$

62,463

 

 

$

141,682

 

 

$

132,957

 

E-M Solutions

 

 

(15,577

)

 

 

863

 

 

 

(19,906

)

 

 

2,042

 

Corporate

 

 

(30,538

)

 

 

(22,561

)

 

 

(60,708

)

 

 

(46,787

)

Total operating segment income

 

 

33,941

 

 

 

40,765

 

 

 

61,068

 

 

 

88,212

 

Amortization of definite-lived intangibles (1)

 

 

(10,945

)

 

 

(11,773

)

 

 

(21,890

)

 

 

(29,104

)

Total operating income

 

 

22,996

 

 

 

28,992

 

 

 

39,178

 

 

 

59,108

 

Total other expense

 

 

(18,117

)

 

 

(17,546

)

 

 

(35,396

)

 

 

(39,038

)

Income before income taxes

 

$

4,879

 

 

$

11,446

 

 

$

3,782

 

 

$

20,070

 

 

(1)

Amortization of definite-lived intangibles relates to the PCB reportable segment. For the quarter and two quarters ended June 29, 2020, $1,384 and $2,767, respectively, of amortization expense is included in cost of goods sold. For the quarter and two quarters ended July 1, 2019, $1,180 and $2,359, respectively, of amortization expense is included in cost of goods sold.

 

The Corporate category primarily includes operating expenses that are not included in the segment operating performance measures. Corporate consists primarily of corporate governance functions such as finance, accounting, information technology, facilities and human resources personnel, as well as global sales and marketing personnel, research and development costs, and acquisition and integration costs associated with acquisitions.